H1 and Q2 financial highlights
n Client demand strong across most segments and regions
n H1 reported revenue up 10.2%, LFL revenue 8.7% (Q2 9.3%)
n H1 revenue less pass-through costs up 12.5%, LFL revenue less pass-through costs up 8.9% (up 9.4% on H1 2019)
n Q2 LFL revenue less pass-through costs up 8.3%: US 10.4%, UK 6.2%, Germany 11.5%, China (6.1)% (affected by lockdowns), Australia 3.2%
n Strong new business performance: $3.4 billion net new billings in H1
n H1 headline operating profit margin 11.6%, down 0.5pt on prior year as expected, as a result of higher personnel costs and a return to business travel
n Trade working capital cash outflow £232 million year-on-year; still expected to be around flat year-on-year at year-end
n Adjusted net debt at 30 June 2022 £3.1 billion, up £1.6 billion year-on-year after £1.1 billion of share buybacks since June 2021
Strategic progress, shareholder returns and outlook
n Continued recognition of extraordinary creativity: WPP awarded most creative company at Cannes Lions for second year running
n Faster growth areas of experience, commerce and technology around 39% of revenue less pass-through costs in Global Integrated Agencies ex-GroupM in H1
n Strong performance by industry sector: H1 LFL revenue less pass-through costs growth 12% in Technology, 7% in CPG and 7% in Healthcare
n Investing for growth: enhancing our data capabilities through Choreograph and launch of Everymile, direct-to-consumer ecommerce offer
n Focused M&A: acquisition of Village Marketing to accelerate creator economy growth and Bower House Digital, a leading marketing technology agency
n Further simplification to enhance offer to clients: creation of EssenceMediacom and Design Bridge and Partners
n Transformation programme on track to deliver expected £300 million of annual savings this year over a 2019 base
n £637 million share buybacks in H1, total of £800 million to be completed in 2022; 15.0p 2022 interim dividend declared, +20%
n Full year 2022 LFL revenue less pass-through costs growth now expected to be 6.0-7.0%; headline operating profit margin up around 50 bps.
And later;
Ordinary dividends
The Board has recommended an interim dividend of 15.0p (2021: 12.5p) per ordinary share. This is expected to be paid on 1 November 2022 to shareholders on the register at 14 October 2022. The Board recommended a final dividend of 18.7p per ordinary share in respect of 2021. This was paid on 8 July 202
https://www.investegate.co.uk/wpp-plc-- ... 00080153V/
Also posted on Company News here; viewtopic.php?p=519971#p519971
Ian.